Two Wilmette homeowners have sued a title company over an escrow dispute.
Michael Novosel and Nancy Fendley filed a lawsuit April 22 in Cook County Circuit Court against Greater Metropolitan Title.
According to the complaint, Novosel and Fendley, who live in the 600 block of Linden Ave., Wilmette, entered into an agreement with contractor Icon Design and Development to build their home, financed through Village Bank and Lender.
"In violation of the escrow agreement, the defendant repeatedly disbursed funds held in trust for plaintiffs to Icon rather than to subcontractors as required," the lawsuit states.
The plaintiffs cite breach of contract, breach of fiduciary duty and professional negligence.
Novosel and Fendley seek damages of more than $500,000, plus attorney fees, expenses, interest and costs. They are represented by attorney Mark E. Wilson, of FisherBroyles in Chicago.
Cook County Circuit Court case number: 15-L-4193.
Title company sued in Wilmette home construction escrow dispute
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